SEC Warns Public Against Fraudulent Money-Doubling Schemes on TV
Ghana’s Securities and Exchange Commission (SEC) has issued a stern warning to the public about a surge in fraudulent money-doubling schemes being advertised across multiple television stations. According to the regulator, these schemes are not licensed and are designed to defraud unsuspecting investors promising unrealistic returns within short time frames.
In a recent public notice, the SEC detailed how these fraudulent operations operate under the guise of legitimate investment offers, often using the images or names of public officials and influential personalities without consent to lure in victims. This false credibility, coupled with sophisticated marketing techniques, has made such schemes increasingly dangerous.
Alarmingly, some of these schemes are now deploying artificial intelligence to mimic voices, video messages, and even public figures’ faces, amplifying their deceptive reach. The SEC has specifically cautioned members of the public against investment opportunities that promise excessively high returns in very short periods or use unverifiable social media accounts.
Most of the schemes identified are unregistered, and participants are not regulated by the SEC. The commission has urged Ghanaians to be vigilant, stating that legitimate investment platforms operate with full regulatory oversight and should be verified before any funds are committed.
To protect themselves, the SEC advises the general public to confirm the licensing status of any investment entity via its official website or contact its toll-free hotline at 0800100065. Individuals can also email the commission or use its online portal to verify whether a firm is authorized to operate in the capital market.
The regulator emphasized that transactions should only be made with fully licensed entities. It also warned the media to refuse advertisements from unverified or unlicensed promoters, as their platforms may be complicit in the proliferation of scam schemes.
In addition to enforcement, the SEC is collaborating with law enforcement agencies to dismantle these fraudulent schemes. It has reassured the public that it will use its full investigative powers to track down and prosecute perpetrators who exploit investors.
Public education campaigns are also underway, with the SEC calling on media houses, civil society, and community leaders to help spread awareness about the risks associated with money-doubling schemes. By empowering citizens with information, the commission hopes to limit the damage caused by unscrupulous operators.
The warning comes at a time when financial literacy is increasingly critical, especially in a landscape shaped by digital platforms, social media, and tech-enabled fraud. As Ghana continues to deepen its capital market, the SEC’s message is clear: put caution first, verify everything, and avoid deals that look too good to be true.
